WEST DES MOINES, Iowa--(BUSINESS WIRE)--Sammons Retirement Solutions® Inc., which provides simple, innovative and straightforward solutions today announced changes and enhancements to the LiveWell® Variable Annuity, issued by Midland National® Life Insurance Company, that increases fund options and adds a new innovative endorsement that offers investors a way to reduce long-term annuity costs.
“With recent tax changes, we have seen a renewed interest in tax deferred investing as a crucial way to accumulate assets for maximum retirement preparedness. Advisers are always looking for ways to help clients gain greater control over their tax planning strategies,” said William Lowe, President of Sammons Retirement Solutions.
The newly enhanced LiveWell Variable Annuity offers the potential for long-term tax-deferred* asset growth, legacy protection and now, a choice in fee structure. The LiveWell® Value Endorsement lowers fees by offering clients the option to reduce their separate account annual expenses by 0.20% (to 1.15%) in exchange for a surrender schedule. The LiveWell Variable Annuity with Value Endorsement allows advisers to create an individual strategy for each client based on their time horizon, risk tolerance and tax deferral goals. Additionally, the LiveWell Variable Annuity offers a return of premium death benefit*.
“We are always listening to our advisers and have worked to add ever-popular industry heavyweights American Funds and Oppenheimer Funds to our platform,” said Greg Bonzagni, National Sales Manager of Sammons Retirement Solutions. “We continue to strive to deliver a vast array of compelling options that cover the full investment spectrum and give advisers the necessary choices to build individual investment strategies for their clients.”
The addition of American Funds, Alps, Oppenheimer Funds and Transparent Value allows the LiveWell Variable Annuity to offer more than 135 investment options from 28 money managers.
A minimum investment of $10,000 is required to open a LiveWell Variable Annuity. The product is available for Non-Qualified Assets, Traditional IRAs, Roth IRAs, Inherited IRAs and SEP-IRAs as well as rollovers or transfers from qualified plans. The offering has no surrender charge, has separate account annual expenses of 1.35% and comes with a return of premium death benefit.* Clients can choose to reduce fees further by adding the Optional LiveWell Value Endorsement in exchange for a surrender schedule bringing separate account annual expenses to 1.15% plus investment option expenses.
*Click here for complete annuity product details.
About Sammons Retirement Solutions® Inc. (SRS)
A member of Sammons® Financial Group, Sammons Retirement Solutions® Inc. provides simple, innovative and straightforward solutions that can help individual investors live well in retirement. These solutions include mutual fund IRA accounts and annuities, available for sale through independent broker-dealers and financial professionals.
Sammons Financial Group along with its member companies are committed to charitable giving. In the last 18 months employees have contributed more than 7,900 volunteer hours and financial donations of more than $4.6 million have been presented to various charities.
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Individual retirement accounts are designed for long-term investing such as retirement investing and are subject to market risk including loss of principal.
Investing in mutual funds and variable annuities involves risk, including potential loss of investment. You and your client should consider the investment objectives, risks, charges, and expenses of the mutual fund or variable annuity and its underlying investment options carefully before investing. The prospectus and/or summary prospectus contains this and other information. You or your client can call 866-747-3421 to obtain a current prospectus for the mutual fund or the variable annuity and its underlying investment options. Please read it carefully.
The distributor for Midland National’s variable products is Sammons Financial Network® LLC, member FINRA. Sammons Financial Network® LLC is a registered broker/dealer under the Securities Exchange Act of 1934. Sammons Financial Network® LLC is an indirect wholly owned subsidiary of Sammons Enterprises, Inc., of Dallas, Texas, the ultimate parent company of Midland National® Life Insurance Company and Sammons Retirement Solutions® Inc.
LiveWell® Variable Annuity is issued on form AS135A and ICC11-AS135A or appropriate state variations by Midland National® Life Insurance Company, West Des Moines, Iowa 50266. The LiveWell® Value Endorsement is not available in all states.
UMB Bank n.a. is the custodian for the LiveWell® Mutual Fund IRA program. The mutual funds offered through the LiveWell® Mutual Fund IRA are made available through Sammons Financial Network® LLC, member FINRA, 4546 Corporate Drive, Suite 100, West Des Moines, IA 50266. Information about the LiveWell® Mutual Fund IRA and its funds can be obtained by calling 866-747-3421. UMB Bank n.a. is not an affiliate of Sammons® Financial Group, Inc. or any of its member companies.
Sammons® Financial Group, Inc., is an insurance holding company whose member companies are comprised of Midland National® Life Insurance Company, Sammons Annuity Group (a division of Midland National), Sammons® Corporate Markets Group (a division of Midland National), North American Company for Life and Health Insurance®, Sammons Retirement Solutions® Inc. and Sammons Financial Network® LLC, member FINRA.
Transparent Value, LLC and Guggenheim Investments, the fund manager for the investment management business of Guggenheim Partners, LLC, is an affiliate of Sammons Enterprises, Inc. the parent company of Midland National® Life Insurance Company and Sammons Retirement Solutions® Inc.
NOT FDIC INSURED, MAY LOSE VALUE INCLUDING LOSS OF PRINCIPAL, NO BANK GUARANTEE, NOT A DEPOSIT, NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY.